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AICPA clarifies conventions for reviews that follow SSARSs, other standards

The interpretation calls for additional statements in written reviews.

Please note: This item is from our archives and was published in 2016. It is provided for historical reference. The content may be out of date and links may no longer function.

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The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the Statements on Standards for Accounting and Review Services (SSARSs) and with another set of review standards.

AR-C Section 90, Review of Financial Statements, requires that the written review report include a statement that the accountant’s responsibility is to conduct the review engagement in accordance with the SSARSs.

Newly issued Accounting and Review Services Interpretation No. 1 to AR-C Section 90 states that a practitioner may also indicate that the review was conducted in accordance with another set of review standards, provided that the review was conducted in accordance with both sets of standards in their entirety.

An example of an additional review standard that may apply is International Standard on Review Engagements 2400 (Revised), Engagements to Review Historical Financial Statements. Interpretation No. 1 also provides an illustrative report and is available at aicpa.org.